Baird Funds NPORT-P Baird Short-Term Bond Fund (Sep 2024 report)

Baird Short-Term Bond Fund
Schedule of Investments
September 30, 2024 (Unaudited)
CORPORATE BONDS - 52.9%	Par		Value
Financials - 24.7%
ABN AMRO Bank NV
4.75%, 07/28/2025 (a)	$	34,188,000	$	34,035,942
4.80%, 04/18/2026 (a)		12,400,000		12,393,472
6.58% to 10/13/2025 then 1 yr. CMT Rate + 1.55%, 10/13/2026 (Callable 10/13/2025) (a)		5,000,000		5,090,094
AEGON Funding Co. LLC, 5.50%, 04/16/2027 (Callable 03/16/2027) (a)		50,000,000		51,103,646
AerCap Ireland Capital DAC / AerCap Global Aviation Trust
4.45%, 10/01/2025 (Callable 08/01/2025)		18,937,000		18,885,494
6.10%, 01/15/2027 (Callable 12/15/2026)		5,000,000		5,177,294
6.45%, 04/15/2027 (Callable 03/15/2027)		15,773,000		16,523,691
4.63%, 10/15/2027 (Callable 08/15/2027)		7,300,000		7,340,181
AIB Group PLC
7.58% to 10/14/2025 then SOFR + 3.46%, 10/14/2026 (Callable 10/14/2025) (a)		7,000,000		7,200,951
6.61% to 09/13/2028 then SOFR + 2.33%, 09/13/2029 (Callable 09/13/2028) (a)		15,000,000		16,047,688
Air Lease Corp.
5.30%, 06/25/2026		15,000,000		15,242,547
1.88%, 08/15/2026 (Callable 07/15/2026)		1,679,000		1,603,152
2.20%, 01/15/2027 (Callable 12/15/2026)		2,817,000		2,682,523
5.85%, 12/15/2027 (Callable 11/15/2027)		2,668,000		2,781,900
Aircastle Ltd., 6.50%, 07/18/2028 (Callable 06/18/2028) (a)		22,700,000		23,810,526
Aon North America, Inc., 5.13%, 03/01/2027 (Callable 02/01/2027)		14,225,000		14,552,554
ASB Bank Ltd., 5.35%, 06/15/2026 (a)		46,375,000		47,242,514
Assurant, Inc., 6.10%, 02/27/2026 (Callable 01/27/2026)		26,073,000		26,363,865
Australia & New Zealand Banking Group Ltd., 4.40%, 05/19/2026 (a)		13,000,000		12,944,817
Aviation Capital Group LLC
1.95%, 09/20/2026 (Callable 08/20/2026) (a)		11,983,000		11,349,477
3.50%, 11/01/2027 (Callable 07/01/2027) (a)		13,000,000		12,542,234
6.25%, 04/15/2028 (Callable 03/15/2028) (a)		5,000,000		5,225,242
Banco Santander SA
4.18% to 03/24/2027 then 1 yr. CMT Rate + 2.00%, 03/24/2028 (Callable 03/24/2027)		15,000,000		14,856,712
5.37% to 07/15/2027 then 1 yr. CMT Rate + 0.95%, 07/15/2028 (Callable 07/15/2027)		5,000,000		5,117,701
Bank of America Corp., 4.38% to 04/27/2027 then SOFR + 1.58%, 04/27/2028 (Callable 04/27/2027)		15,069,000		15,092,872
Bank of Ireland Group PLC
6.25% to 09/16/2025 then 1 yr. CMT Rate + 2.65%, 09/16/2026 (Callable 09/16/2025) (a)		27,350,000		27,719,015
2.03% to 09/30/2026 then 1 yr. CMT Rate + 1.10%, 09/30/2027 (Callable 09/30/2026) (a)		23,084,000		22,035,956
Bank of Montreal
5.37%, 06/04/2027		14,375,000		14,867,393
4.57% to 09/10/2026 then SOFR + 0.88%, 09/10/2027 (Callable 09/10/2026)		40,000,000		40,298,935
Bank of New York Mellon Corp., 4.95% to 04/26/2026 then SOFR + 1.03%, 04/26/2027 (Callable 04/26/2026)		7,475,000		7,547,360
Bank of Nova Scotia
4.50%, 12/16/2025		6,000,000		5,985,369
4.40% to 09/08/2027 then SOFR + 1.00%, 09/08/2028 (Callable 09/08/2027)		47,225,000		47,386,591
Banque Federative du Credit Mutuel SA
4.94%, 01/26/2026 (a)		16,675,000		16,801,132
5.19%, 02/16/2028 (a)		27,200,000		27,898,984
Barclays PLC
2.85% to 05/07/2025 then SOFR + 2.71%, 05/07/2026 (Callable 05/07/2025)		27,787,000		27,421,520
5.30% to 08/09/2025 then 1 yr. CMT Rate + 2.30%, 08/09/2026 (Callable 08/09/2025)		8,000,000		8,027,857
6.50% to 09/13/2026 then SOFR + 1.88%, 09/13/2027 (Callable 09/13/2026)		7,500,000		7,768,649
5.67% to 03/12/2027 then SOFR + 1.49%, 03/12/2028 (Callable 03/12/2027)		10,000,000		10,273,952
BGC Group, Inc., 4.38%, 12/15/2025 (Callable 09/15/2025)		7,083,000		7,015,884
BNP Paribas SA
4.38%, 05/12/2026 (a)		7,000,000		6,953,095
2.22% to 06/09/2025 then SOFR + 2.07%, 06/09/2026 (Callable 06/09/2025) (a)		12,500,000		12,259,702
4.63%, 03/13/2027 (a)		1,300,000		1,295,902
3.50%, 11/16/2027 (a)		5,000,000		4,875,151
2.59% to 01/20/2027 then SOFR + 1.23%, 01/20/2028 (Callable 01/20/2027) (a)		7,000,000		6,718,380
Boston Properties LP, 2.75%, 10/01/2026 (Callable 07/01/2026)		11,297,000		10,889,827
BPCE SA
4.50%, 03/15/2025 (a)		6,970,000		6,933,369
2.05% to 10/19/2026 then SOFR + 1.09%, 10/19/2027 (Callable 10/19/2026) (a)		2,432,000		2,306,027
6.61% to 10/19/2026 then SOFR + 1.98%, 10/19/2027 (Callable 10/19/2026) (a)		15,000,000		15,571,657
Brighthouse Financial Global Funding, 5.55%, 04/09/2027 (a)		30,000,000		30,625,958
Canadian Imperial Bank of Commerce, 5.24%, 06/28/2027		50,000,000		51,372,617
Cantor Fitzgerald LP, 4.50%, 04/14/2027 (Callable 01/14/2027) (a)		15,000,000		14,855,577
Capital One Financial Corp., 4.99% to 07/24/2025 then SOFR + 2.16%, 07/24/2026 (Callable 07/24/2025)		28,000,000		28,001,892
Centene Corp., 4.25%, 12/15/2027 (Callable 10/17/2024)		40,757,000		40,029,545
Charles Schwab Corp., 5.88%, 08/24/2026 (Callable 07/24/2026)		30,000,000		30,867,585
Citigroup, Inc., 3.07% to 02/24/2027 then SOFR + 1.28%, 02/24/2028 (Callable 02/24/2027)		15,000,000		14,578,583
CNO Global Funding
1.65%, 01/06/2025 (a)		15,000,000		14,843,146
5.88%, 06/04/2027 (a)		35,000,000		36,053,148
Cooperatieve Rabobank UA
1.98% to 12/15/2026 then 1 yr. CMT Rate + 0.73%, 12/15/2027 (Callable 12/15/2026) (a)		7,000,000		6,643,318
3.65% to 04/06/2027 then 1 yr. CMT Rate + 1.22%, 04/06/2028 (Callable 04/06/2027) (a)		26,068,000		25,591,907
Corebridge Global Funding
5.75%, 07/02/2026 (a)		39,000,000		39,990,363
4.65%, 08/20/2027 (a)		14,500,000		14,673,084
Credit Agricole SA
4.38%, 03/17/2025 (a)		20,341,000		20,233,714
5.59%, 07/05/2026 (a)		26,000,000		26,592,806
Credit Agricole SA/London, 4.13%, 01/10/2027 (a)		10,000,000		9,944,388
Danske Bank AS
1.62% to 09/11/2025 then 1 yr. CMT Rate + 1.35%, 09/11/2026 (Callable 09/11/2025) (a)		15,000,000		14,549,705
5.43% to 03/01/2027 then 1 yr. CMT Rate + 0.95%, 03/01/2028 (Callable 03/01/2027) (a)		5,000,000		5,125,596
4.30% to 04/01/2027 then 1 yr. CMT Rate + 1.75%, 04/01/2028 (Callable 04/01/2027) (a)		1,392,000		1,386,517
Deutsche Bank AG/New York NY
7.15% to 07/13/2026 then SOFR + 2.52%, 07/13/2027 (Callable 07/13/2026)		11,130,000		11,585,107
2.31% to 11/16/2026 then SOFR + 1.22%, 11/16/2027 (Callable 11/16/2026)		20,057,000		19,081,461
5.71% to 02/08/2027 then SOFR + 1.59%, 02/08/2028 (Callable 02/08/2027)		4,000,000		4,086,509
Digital Realty Trust LP, 5.55%, 01/15/2028 (Callable 12/15/2027)		30,129,000		31,189,198
Discover Bank
4.25%, 03/13/2026		6,955,000		6,925,492
3.45%, 07/27/2026 (Callable 04/27/2026)		7,500,000		7,342,068
5.97% to 08/09/2028 then 5 yr. Mid Swap Rate USD + 1.73%, 08/09/2028		16,000,000		16,521,892
Discover Financial Services, 4.50%, 01/30/2026 (Callable 11/30/2025)		9,500,000		9,488,190
DNB Bank ASA, 5.90% to 10/09/2025 then SOFR + 1.95%, 10/09/2026 (Callable 10/09/2025) (a)		29,800,000		30,157,877
Extra Space Storage LP, 3.88%, 12/15/2027 (Callable 09/15/2027)		34,960,000		34,469,534
Federation des Caisses Desjardins du Quebec
4.55%, 08/23/2027 (a)		12,700,000		12,754,215
5.70%, 03/14/2028 (a)		5,000,000		5,172,993
FNB Corp./PA, 5.15%, 08/25/2025 (Callable 07/25/2025)		20,000,000		19,992,140
HSBC Holdings PLC
5.89% to 08/14/2026 then SOFR + 1.57%, 08/14/2027 (Callable 08/14/2026)		16,800,000		17,255,915
4.04% to 03/13/2027 then 3 mo. Term SOFR + 1.81%, 03/13/2028 (Callable 03/13/2027)		22,494,000		22,262,460
5.60% to 05/17/2027 then SOFR + 1.06%, 05/17/2028 (Callable 05/17/2027)		7,000,000		7,196,461
ING Groep NV
1.73% to 04/01/2026 then SOFR + 1.01%, 04/01/2027 (Callable 04/01/2026)		12,000,000		11,516,223
6.08% to 09/11/2026 then SOFR + 1.56%, 09/11/2027 (Callable 09/11/2026)		23,317,000		24,033,958
4.02% to 03/28/2027 then SOFR + 1.83%, 03/28/2028 (Callable 03/28/2027)		15,300,000		15,188,026
Jackson National Life Global Funding
5.50%, 01/09/2026 (a)		15,000,000		15,149,926
5.60%, 04/10/2026 (a)		35,000,000		35,502,240
Jefferies Financial Group, Inc.
4.85%, 01/15/2027		23,000,000		23,283,211
6.45%, 06/08/2027		2,380,000		2,497,466
JPMorgan Chase & Co.
1.05% to 11/19/2025 then SOFR + 0.80%, 11/19/2026 (Callable 11/19/2025)		4,300,000		4,132,006
6.07% to 10/22/2026 then SOFR + 1.33%, 10/22/2027 (Callable 10/22/2026)		10,000,000		10,364,013
5.04% to 01/23/2027 then SOFR + 1.19%, 01/23/2028 (Callable 01/23/2027)		15,000,000		15,250,893
5.57% to 04/22/2027 then SOFR + 0.93%, 04/22/2028 (Callable 04/22/2027)		27,200,000		28,045,080
KeyCorp, 6.27% (SOFR + 1.25%), 05/23/2025 (Callable 02/23/2025)		7,000,000		7,011,060
Kimco Realty OP LLC, 3.85%, 06/01/2025 (Callable 03/01/2025)		3,950,000		3,913,535
Liberty Mutual Insurance Co.
8.50%, 05/15/2025 (a)		2,093,000		2,128,378
7.88%, 10/15/2026 (a)		9,330,000		9,841,628
Lloyds Banking Group PLC, 5.99% to 08/07/2026 then 1 yr. CMT Rate + 1.48%, 08/07/2027 (Callable 08/07/2026)		27,500,000		28,226,067
LPL Holdings, Inc.
5.70%, 05/20/2027 (Callable 04/20/2027)		30,000,000		30,662,643
4.63%, 11/15/2027 (Callable 10/04/2024) (a)		20,927,000		20,768,965
Macquarie Bank Ltd., 4.88%, 06/10/2025 (a)		16,375,000		16,358,583
Macquarie Group Ltd., 1.63% to 09/23/2026 then SOFR + 0.91%, 09/23/2027 (Callable 09/23/2026) (a)		25,000,000		23,643,087
Met Tower Global Funding, 5.40%, 06/20/2026 (a)		47,200,000		48,195,357
Morgan Stanley
5.05% to 01/28/2026 then SOFR + 1.30%, 01/28/2027 (Callable 01/28/2026)		19,000,000		19,177,395
5.65% to 04/13/2027 then SOFR + 1.01%, 04/13/2028 (Callable 04/13/2027)		25,000,000		25,808,553
Morgan Stanley Bank NA, 5.50% to 05/26/2027 then SOFR + 0.87%, 05/26/2028 (Callable 05/26/2027)		19,800,000		20,424,134
Mutual of Omaha Cos. Global Funding
5.80%, 07/27/2026 (a)		25,000,000		25,581,253
5.35%, 04/09/2027 (a)		23,450,000		24,060,749
National Bank of Canada, 5.60% to 07/02/2026 then SOFR + 1.04%, 07/02/2027 (Callable 07/02/2026)		51,450,000		52,497,730
Nationwide Building Society
4.00%, 09/14/2026 (a)		34,021,000		33,536,835
6.56% to 10/18/2026 then SOFR + 1.91%, 10/18/2027 (Callable 10/18/2026) (a)		18,400,000		19,157,452
NatWest Group PLC
5.85% to 03/02/2026 then 1 yr. CMT Rate + 1.35%, 03/02/2027 (Callable 03/02/2026)		30,000,000		30,532,670
5.58% to 03/01/2027 then 1 yr. CMT Rate + 1.10%, 03/01/2028 (Callable 03/01/2027)		10,000,000		10,257,907
NatWest Markets PLC, 1.60%, 09/29/2026 (a)		10,500,000		9,948,476
Nomura Holdings, Inc., 1.65%, 07/14/2026		6,600,000		6,285,103
Old Republic International Corp., 3.88%, 08/26/2026 (Callable 07/26/2026)		7,000,000		6,928,921
Pricoa Global Funding I, 5.55%, 08/28/2026 (a)		10,000,000		10,266,896
Principal Life Global Funding II
5.00%, 01/16/2027 (a)		15,850,000		16,141,376
4.60%, 08/19/2027 (a)		17,750,000		17,990,517
Protective Life Global Funding, 5.21%, 04/14/2026 (a)		20,000,000		20,269,008
Prudential Insurance Co. of America, 8.30%, 07/01/2025 (a)		7,000,000		7,163,719
Reliance Standard Life Global Funding II
2.50%, 10/30/2024 (a)		9,418,000		9,396,956
5.24%, 02/02/2026 (a)		36,000,000		36,171,562
Royal Bank of Canada, 5.20%, 07/20/2026		20,000,000		20,421,672
Santander Holdings USA, Inc., 6.12% to 05/31/2026 then SOFR + 1.23%, 05/31/2027 (Callable 05/31/2026)		15,000,000		15,322,172
Santander UK Group Holdings PLC
1.67% to 06/14/2026 then SOFR + 0.99%, 06/14/2027 (Callable 06/14/2026)		8,409,000		7,998,713
2.47% to 01/11/2027 then SOFR + 1.22%, 01/11/2028 (Callable 01/11/2027)		5,000,000		4,763,015
Skandinaviska Enskilda Banken AB, 5.13%, 03/05/2027 (a)		10,000,000		10,236,284
SMBC Aviation Capital Finance DAC, 1.90%, 10/15/2026 (Callable 09/15/2026) (a)		18,155,000		17,211,934
Societe Generale SA
2.23% to 01/21/2025 then 1 yr. CMT Rate + 1.05%, 01/21/2026 (Callable 01/21/2025) (a)		10,000,000		9,904,778
1.79% to 06/09/2026 then 1 yr. CMT Rate + 1.00%, 06/09/2027 (Callable 06/09/2026) (a)		10,000,000		9,500,221
2.80% to 01/19/2027 then 1 yr. CMT Rate + 1.30%, 01/19/2028 (Callable 01/19/2027) (a)		5,000,000		4,777,114
5.52% to 01/19/2027 then 1 yr. CMT Rate + 1.50%, 01/19/2028 (Callable 01/19/2027) (a)		25,000,000		25,347,593
6.45% to 01/10/2028 then 1 yr. CMT Rate + 2.55%, 01/10/2029 (Callable 01/10/2028) (a)		2,000,000		2,088,619
Standard Chartered PLC
6.19% to 07/06/2026 then 1 yr. CMT Rate + 1.85%, 07/06/2027 (Callable 07/06/2026) (a)		8,000,000		8,214,670
2.61% to 01/12/2027 then 1 yr. CMT Rate + 1.18%, 01/12/2028 (Callable 01/12/2027) (a)		5,000,000		4,771,679
Sumitomo Mitsui Financial Group, Inc.
5.46%, 01/13/2026		20,125,000		20,409,901
3.01%, 10/19/2026		12,000,000		11,710,367
Sumitomo Mitsui Trust Bank Ltd.
5.65%, 03/09/2026 (a)		22,400,000		22,827,623
5.20%, 03/07/2027 (a)		10,000,000		10,214,480
4.45%, 09/10/2027 (a)		18,150,000		18,255,057
Svenska Handelsbanken AB, 5.50%, 06/15/2028 (a)		3,555,000		3,677,375
Swedbank AB, 5.47%, 06/15/2026 (a)		47,475,000		48,503,721
Synchrony Bank
5.40%, 08/22/2025 (Callable 07/22/2025)		5,000,000		5,010,539
5.63%, 08/23/2027 (Callable 07/23/2027)		6,367,000		6,481,034
Synchrony Financial
3.70%, 08/04/2026 (Callable 05/04/2026)		2,266,000		2,224,161
3.95%, 12/01/2027 (Callable 09/01/2027)		39,000,000		37,866,168
Synovus Financial Corp., 5.20%, 08/11/2025 (Callable 07/11/2025)		31,353,000		31,366,223
Toronto-Dominion Bank, 5.53%, 07/17/2026		20,000,000		20,513,013
UBS Group AG
4.49% to 05/12/2025 then 1 yr. CMT Rate + 1.55%, 05/12/2026 (Callable 05/12/2025) (a)		12,000,000		11,965,004
2.19% to 06/05/2025 then SOFR + 2.04%, 06/05/2026 (Callable 06/05/2025) (a)		5,000,000		4,907,951
6.44% to 08/11/2027 then SOFR + 3.70%, 08/11/2028 (Callable 08/11/2027) (a)		22,300,000		23,459,675
US Bancorp, 6.79% to 10/26/2026 then SOFR + 1.88%, 10/26/2027 (Callable 10/26/2026)		25,000,000		26,254,390
Wells Fargo & Co., 5.71% to 04/22/2027 then SOFR + 1.07%, 04/22/2028 (Callable 04/22/2027)		31,500,000		32,526,588
Westpac New Zealand Ltd., 5.13%, 02/26/2027 (a)		25,000,000		25,542,400
WP Carey, Inc., 4.25%, 10/01/2026 (Callable 07/01/2026)		11,997,000		11,949,801
				2,699,033,249
Industrials - 25.7%(b)
Advance Auto Parts, Inc.
5.90%, 03/09/2026		10,000,000		10,103,167
1.75%, 10/01/2027 (Callable 08/01/2027)		5,000,000		4,468,620
AGCO Corp., 5.45%, 03/21/2027 (Callable 02/21/2027)		12,000,000		12,243,940
Aker BP ASA
2.00%, 07/15/2026 (Callable 06/15/2026) (a)		538,000		515,152
5.60%, 06/13/2028 (Callable 05/13/2028) (a)		32,255,000		33,412,419
Allegion US Holding Co., Inc., 3.55%, 10/01/2027 (Callable 07/01/2027)		3,000,000		2,930,754
Anglo American Capital PLC
4.88%, 05/14/2025 (a)		956,000		955,242
4.75%, 04/10/2027 (a)		11,594,000		11,650,085
4.00%, 09/11/2027 (a)		3,184,000		3,134,743
4.50%, 03/15/2028 (Callable 12/15/2027) (a)		24,300,000		24,220,350
ArcelorMittal SA
6.13%, 06/01/2025		1,413,000		1,420,420
4.55%, 03/11/2026		12,000,000		11,982,986
6.55%, 11/29/2027 (Callable 10/29/2027)		8,234,000		8,739,706
Ashtead Capital, Inc.
1.50%, 08/12/2026 (Callable 07/12/2026) (a)		33,034,000		31,211,870
4.38%, 08/15/2027 (Callable 10/17/2024) (a)		21,744,000		21,580,315
AT&T, Inc., 4.25%, 03/01/2027 (Callable 12/01/2026)		9,477,000		9,505,802
AutoNation, Inc., 4.50%, 10/01/2025 (Callable 07/01/2025)		25,000,000		24,898,811
Bayer US Finance II LLC, 5.50%, 08/15/2025 (a)		4,000,000		4,005,310
Bayer US Finance LLC, 6.13%, 11/21/2026 (Callable 10/21/2026) (a)		10,000,000		10,313,313
Bayport Polymers LLC, 4.74%, 04/14/2027 (Callable 03/14/2027) (a)		2,500,000		2,490,868
Berry Global, Inc., 4.88%, 07/15/2026 (Callable 11/01/2024) (a)		21,029,000		20,995,396
BMW US Capital LLC, 4.60%, 08/13/2027 (a)		25,000,000		25,279,215
Boeing Co., 6.26%, 05/01/2027 (Callable 04/01/2027) (a)		7,000,000		7,230,428
Boston Medical Center Corp., 3.91%, 07/01/2028		13,330,000		12,755,961
Brambles USA, Inc., 4.13%, 10/23/2025 (Callable 07/25/2025) (a)		30,041,000		29,904,858
Broadcom, Inc., 5.05%, 07/12/2027 (Callable 06/12/2027)		45,375,000		46,375,290
Campbell Soup Co., 5.20%, 03/19/2027		7,000,000		7,183,434
CCL Industries, Inc., 3.25%, 10/01/2026 (Callable 07/01/2026) (a)		5,780,000		5,642,504
Celanese US Holdings LLC, 6.17%, 07/15/2027 (Callable 06/15/2027)		34,151,000		35,387,473
CF Industries, Inc., 4.50%, 12/01/2026 (a)		20,000,000		19,987,595
Charles River Laboratories International, Inc., 4.25%, 05/01/2028 (Callable 10/17/2024) (a)		9,000,000		8,752,595
Charter Communications Operating LLC, 4.20%, 03/15/2028 (Callable 12/15/2027)		18,375,000		17,865,087
Charter Communications Operating LLC / Charter Communications Operating Capital
4.91%, 07/23/2025 (Callable 04/23/2025)		2,824,000		2,819,381
6.15%, 11/10/2026 (Callable 10/10/2026)		13,850,000		14,235,048
Columbia Pipelines Holding Co. LLC, 6.06%, 08/15/2026 (Callable 07/15/2026) (a)		7,000,000		7,170,934
Concentrix Corp., 6.65%, 08/02/2026 (Callable 07/02/2026)		45,900,000		47,157,667
Crown Castle, Inc., 1.05%, 07/15/2026 (Callable 06/15/2026)		20,300,000		19,147,886
CVS Pass-Through Trust
5.88%, 01/10/2028		3,471,236		3,460,909
6.04%, 12/10/2028		15,644,495		15,910,949
6.94%, 01/10/2030		5,994,833		6,273,422
CVS Pass-Through Trust Series 2009, 8.35%, 07/10/2031 (a)		2,537,530		2,768,623
Daimler Truck Finance North America LLC
5.15%, 01/16/2026 (a)		11,825,000		11,926,846
5.13%, 09/25/2027 (Callable 08/25/2027) (a)		20,000,000		20,451,107
DCP Midstream Operating LP, 5.63%, 07/15/2027 (Callable 04/15/2027)		22,291,000		22,930,150
Diamondback Energy, Inc., 5.20%, 04/18/2027 (Callable 03/18/2027)		7,300,000		7,450,352
DXC Technology Co., 1.80%, 09/15/2026 (Callable 08/15/2026)		51,950,000		49,212,889
Element Fleet Management Corp.
3.85%, 06/15/2025 (Callable 05/15/2025) (a)		14,147,000		14,011,714
6.27%, 06/26/2026 (Callable 05/26/2026) (a)		17,790,000		18,267,498
5.64%, 03/13/2027 (Callable 02/13/2027) (a)		20,000,000		20,509,648
Enbridge, Inc., 5.90%, 11/15/2026 (Callable 10/15/2026)		7,000,000		7,228,670
Energy Transfer LP
6.05%, 12/01/2026 (Callable 11/01/2026)		7,000,000		7,245,441
4.20%, 04/15/2027 (Callable 01/15/2027)		5,028,000		5,011,332
5.63%, 05/01/2027 (Callable 10/17/2024) (a)		14,600,000		14,650,428
5.50%, 06/01/2027 (Callable 03/01/2027)		14,000,000		14,357,994
EQM Midstream Partners LP, 5.50%, 07/15/2028 (Callable 04/15/2028)		5,500,000		5,573,728
Ferguson Finance PLC
4.25%, 04/20/2027 (Callable 03/20/2027) (a)		3,100,000		3,080,747
4.50%, 10/24/2028 (Callable 07/24/2028) (a)		15,000,000		14,953,300
Flex Ltd.
3.75%, 02/01/2026 (Callable 01/01/2026)		28,600,000		28,280,084
6.00%, 01/15/2028 (Callable 12/15/2027)		4,845,000		5,021,441
FMC Corp.
5.15%, 05/18/2026 (Callable 04/18/2026)		37,735,000		38,080,059
3.20%, 10/01/2026 (Callable 08/01/2026)		4,550,000		4,441,594
Ford Motor Credit Co. LLC
4.54%, 08/01/2026 (Callable 06/01/2026)		26,417,000		26,192,320
5.80%, 03/05/2027 (Callable 02/05/2027)		21,000,000		21,383,777
7.35%, 11/04/2027 (Callable 10/04/2027)		5,000,000		5,309,098
Freeport-McMoRan, Inc., 4.13%, 03/01/2028 (Callable 11/01/2024)		5,372,000		5,331,474
Fresenius Medical Care US Finance II, Inc., 4.75%, 10/15/2024 (Callable 10/01/2024) (a)		18,720,000		18,713,630
Fresenius Medical Care US Finance III, Inc., 1.88%, 12/01/2026 (Callable 11/01/2026) (a)		23,335,000		21,961,528
General Motors Financial Co., Inc.
5.40%, 04/06/2026		10,000,000		10,120,908
5.35%, 07/15/2027		30,000,000		30,690,894
Genpact Luxembourg Sarl, 3.38%, 12/01/2024 (Callable 11/01/2024)		1,184,000		1,179,200
Glencore Funding LLC
1.63%, 09/01/2025 (Callable 08/01/2025) (a)		20,000,000		19,468,642
5.34%, 04/04/2027 (a)		29,875,000		30,599,276
Global Payments, Inc., 2.15%, 01/15/2027 (Callable 12/15/2026)		10,000,000		9,531,116
Gray Oak Pipeline LLC
2.60%, 10/15/2025 (Callable 09/15/2025) (a)		30,525,000		29,764,759
3.45%, 10/15/2027 (Callable 08/15/2027) (a)		11,895,000		11,506,514
Gulfstream Natural Gas System LLC
4.60%, 09/15/2025 (Callable 06/15/2025) (a)		27,407,000		27,325,451
6.19%, 11/01/2025 (a)		13,720,000		13,915,366
HCA, Inc., 5.38%, 09/01/2026 (Callable 03/01/2026)		4,250,000		4,296,014
Helmerich & Payne, Inc., 4.65%, 12/01/2027 (Callable 11/01/2027) (a)		32,200,000		32,266,890
Hewlett Packard Enterprise Co., 4.40%, 09/25/2027 (Callable 08/25/2027)		17,625,000		17,644,140
Hexcel Corp., 4.20%, 02/15/2027 (Callable 11/15/2026)		25,000,000		24,399,270
HF Sinclair Corp.
5.88%, 04/01/2026 (Callable 01/01/2026)		32,216,000		32,671,552
6.38%, 04/15/2027 (Callable 10/15/2024)		7,395,000		7,496,964
5.00%, 02/01/2028 (Callable 02/01/2025)		10,644,000		10,592,457
Hyatt Hotels Corp., 5.75%, 01/30/2027 (Callable 12/30/2026)		20,000,000		20,489,659
Hyundai Capital America
1.80%, 10/15/2025 (Callable 09/15/2025) (a)		5,557,000		5,399,225
5.50%, 03/30/2026 (a)		20,000,000		20,296,371
5.65%, 06/26/2026 (a)		20,000,000		20,403,177
5.28%, 06/24/2027 (a)		5,000,000		5,112,466
Icon Investments Six DAC, 5.81%, 05/08/2027 (Callable 04/08/2027)		20,000,000		20,637,077
Illumina, Inc.
5.80%, 12/12/2025 (Callable 11/12/2025)		42,700,000		43,256,986
4.65%, 09/09/2026		15,375,000		15,470,669
Infor, Inc., 1.75%, 07/15/2025 (Callable 06/15/2025) (a)		8,145,000		7,907,989
International Flavors & Fragrances, Inc.
1.23%, 10/01/2025 (Callable 09/01/2025) (a)		22,000,000		21,232,959
1.83%, 10/15/2027 (Callable 08/15/2027) (a)		24,255,000		22,462,436
Jabil, Inc., 4.25%, 05/15/2027 (Callable 04/15/2027)		8,345,000		8,287,144
JBS USA Holding Lux Sarl/ JBS USA Food Co./ JBS Lux Co. Sarl, 2.50%, 01/15/2027 (Callable 12/15/2026)		7,700,000		7,366,806
Kimberly-Clark de Mexico SAB de CV, 3.25%, 03/12/2025 (a)		5,000,000		4,952,800
Kyndryl Holdings, Inc., 2.05%, 10/15/2026 (Callable 09/15/2026)		55,000,000		52,287,700
L3Harris Technologies, Inc., 5.40%, 01/15/2027		20,000,000		20,527,412
Lennox International, Inc., 1.35%, 08/01/2025 (Callable 07/01/2025)		5,000,000		4,856,621
LG Energy Solution Ltd., 5.38%, 07/02/2027 (a)		30,000,000		30,478,500
LKQ Corp., 5.75%, 06/15/2028 (Callable 05/15/2028)		50,425,000		52,326,177
Metropolitan Detroit Area Hospital Services, Inc., 4.48%, 12/01/2029 (a)		5,000,000		5,020,932
Molex Electronic Technologies LLC, 3.90%, 04/15/2025 (Callable 01/15/2025) (a)		2,090,000		2,075,616
Mylan, Inc., 4.55%, 04/15/2028 (Callable 01/15/2028)		4,200,000		4,191,747
National Fuel Gas Co., 5.50%, 10/01/2026		18,750,000		19,133,656
NGPL PipeCo LLC, 4.88%, 08/15/2027 (Callable 02/15/2027) (a)		5,000,000		5,020,421
Nissan Motor Acceptance Co. LLC
6.95%, 09/15/2026 (a)		5,000,000		5,166,471
5.30%, 09/13/2027 (a)		27,225,000		27,176,652
Nissan Motor Co. Ltd., 3.52%, 09/17/2025 (Callable 08/17/2025) (a)		5,291,000		5,202,443
Occidental Petroleum Corp.
3.40%, 04/15/2026 (Callable 01/15/2026)		10,839,000		10,610,279
3.00%, 02/15/2027 (Callable 11/15/2026)		5,920,000		5,713,410
8.50%, 07/15/2027 (Callable 01/15/2027)		22,992,000		24,999,523
5.00%, 08/01/2027 (Callable 07/01/2027)		7,000,000		7,096,334
OCI NV, 4.63%, 10/15/2025 (Callable 11/01/2024) (a)		16,287,000		16,264,930
ONEOK, Inc., 5.55%, 11/01/2026 (Callable 10/01/2026)		10,000,000		10,226,611
Owens Corning, 5.50%, 06/15/2027 (Callable 05/15/2027)		15,000,000		15,486,856
Penske Truck Leasing Co. Lp / PTL Finance Corp.
5.75%, 05/24/2026 (Callable 04/24/2026) (a)		14,275,000		14,533,608
5.35%, 01/12/2027 (Callable 12/12/2026) (a)		12,000,000		12,229,039
4.20%, 04/01/2027 (Callable 01/01/2027) (a)		1,825,000		1,815,880
Perrigo Finance Unlimited Co., 3.90%, 12/15/2024 (Callable 10/17/2024)		10,881,000		10,841,703
Pioneer Natural Resources Co., 5.10%, 03/29/2026		7,000,000		7,098,737
POSCO, 5.63%, 01/17/2026 (a)		10,000,000		10,124,190
PRA Health Sciences, Inc., 2.88%, 07/15/2026 (Callable 11/01/2024) (a)		18,106,000		17,550,327
Premier Health Partners, 2.91%, 11/15/2026 (Callable 05/15/2026)		1,954,000		1,871,234
PVH Corp., 4.63%, 07/10/2025 (Callable 06/10/2025)		25,839,000		25,739,493
Quanta Services, Inc., 4.75%, 08/09/2027 (Callable 07/09/2027)		30,400,000		30,722,135
Reckitt Benckiser Treasury Services PLC, 3.00%, 06/26/2027 (Callable 03/26/2027) (a)		38,750,000		37,602,340
Regal Rexnord Corp.
6.05%, 02/15/2026		30,375,000		30,843,631
6.05%, 04/15/2028 (Callable 03/15/2028)		20,450,000		21,262,237
Renesas Electronics Corp.
1.54%, 11/26/2024 (Callable 11/01/2024) (a)		34,180,000		33,959,900
2.17%, 11/25/2026 (Callable 10/25/2026) (a)		809,000		770,526
Royalty Pharma PLC, 1.20%, 09/02/2025 (Callable 08/02/2025)		1,000,000		968,619
RTX Corp., 5.75%, 11/08/2026 (Callable 10/08/2026)		15,000,000		15,463,940
Ryder System, Inc., 5.30%, 03/15/2027 (Callable 02/15/2027)		12,350,000		12,636,998
Schlumberger Holdings Corp., 5.00%, 05/29/2027 (Callable 04/29/2027) (a)		27,775,000		28,345,035
Silgan Holdings, Inc., 1.40%, 04/01/2026 (Callable 03/01/2026) (a)		7,000,000		6,639,283
SK Hynix, Inc.
6.25%, 01/17/2026 (a)		13,000,000		13,252,330
5.50%, 01/16/2027 (a)		15,000,000		15,318,765
6.38%, 01/17/2028 (a)		4,700,000		4,939,126
Smith & Nephew PLC, 5.15%, 03/20/2027 (Callable 02/20/2027)		10,000,000		10,182,994
Smurfit Kappa Treasury Funding DAC, 7.50%, 11/20/2025		5,852,000		6,014,922
Solventum Corp., 5.45%, 02/25/2027 (Callable 01/25/2027) (a)		50,571,000		51,615,482
Sonoco Products Co., 4.45%, 09/01/2026		10,000,000		10,001,784
South Bow USA Infrastructure Holdings LLC, 4.91%, 09/01/2027 (Callable 08/01/2027) (a)		13,250,000		13,351,287
Southern Copper Corp., 3.88%, 04/23/2025		15,534,000		15,416,224
Sprint Capital Corp., 6.88%, 11/15/2028		3,647,000		3,981,857
Sprint LLC, 7.63%, 03/01/2026 (Callable 11/01/2025)		6,189,000		6,392,928
Tapestry, Inc., 7.05%, 11/27/2025		4,000,000		4,079,130
TD SYNNEX Corp., 1.75%, 08/09/2026 (Callable 07/09/2026)		25,385,000		24,112,444
T-Mobile USA, Inc., 2.63%, 04/15/2026 (Callable 10/15/2024)		6,000,000		5,847,151
Triton Container International Ltd., 2.05%, 04/15/2026 (Callable 03/15/2026) (a)		23,688,000		22,656,879
United Rentals North America, Inc., 3.88%, 11/15/2027 (Callable 10/15/2024)		11,000,000		10,726,253
Universal Health Services, Inc., 1.65%, 09/01/2026 (Callable 08/01/2026)		6,698,000		6,344,782
Utah Acquisition Sub, Inc., 3.95%, 06/15/2026 (Callable 03/15/2026)		27,613,000		27,340,140
Var Energi ASA, 7.50%, 01/15/2028 (Callable 12/15/2027) (a)		8,395,000		8,983,112
VICI Properties LP, 4.75%, 02/15/2028 (Callable 01/15/2028)		16,819,000		16,883,955
Videotron Ltd., 5.13%, 04/15/2027 (Callable 11/01/2024) (a)		24,026,000		23,946,296
Viterra Finance BV, 2.00%, 04/21/2026 (Callable 03/21/2026) (a)		49,121,000		47,156,739
Volkswagen Group of America Finance LLC
5.70%, 09/12/2026 (a)		35,000,000		35,789,711
4.85%, 08/15/2027 (a)		12,000,000		12,096,984
Vontier Corp.
1.80%, 04/01/2026 (Callable 03/01/2026)		16,952,000		16,229,977
2.40%, 04/01/2028 (Callable 02/01/2028)		1,930,000		1,773,485
Warnermedia Holdings, Inc., 3.76%, 03/15/2027 (Callable 02/15/2027)		47,197,000		45,637,027
Weir Group PLC, 2.20%, 05/13/2026 (Callable 04/13/2026) (a)		50,194,000		48,277,476
Western Digital Corp., 4.75%, 02/15/2026 (Callable 11/15/2025)		52,570,000		52,286,102
Western Midstream Operating LP, 3.10%, 02/01/2025 (Callable 01/01/2025)		1,692,000		1,677,845
Westinghouse Air Brake Technologies Corp., 3.20%, 06/15/2025 (Callable 05/15/2025)		30,724,000		30,331,464
Weyerhaeuser Co., 4.75%, 05/15/2026		28,250,000		28,429,355
				2,800,365,706
Utilities - 2.5%
Algonquin Power & Utilities Corp., 5.37%, 06/15/2026 (c)		30,000,000		30,362,570
Alliant Energy Finance LLC, 5.40%, 06/06/2027 (Callable 05/06/2027) (a)		25,000,000		25,646,076
Ameren Corp., 5.70%, 12/01/2026 (Callable 11/01/2026)		20,000,000		20,560,682
Brooklyn Union Gas Co., 4.63%, 08/05/2027 (Callable 07/05/2027) (a)		1,000,000		998,910
DTE Energy Co., 4.95%, 07/01/2027 (Callable 06/01/2027)		23,175,000		23,566,139
Enel Finance America LLC, 7.10%, 10/14/2027 (Callable 09/14/2027) (a)		5,332,000		5,727,794
Enel Finance International NV, 4.50%, 06/15/2025 (a)		25,000,000		24,889,408
Essential Utilities, Inc., 4.80%, 08/15/2027 (Callable 07/15/2027)		25,400,000		25,739,095
Eversource Energy, 5.00%, 01/01/2027		12,000,000		12,190,588
Fells Point Funding Trust, 3.05%, 01/31/2027 (Callable 12/31/2026) (a)		21,439,000		20,767,027
FirstEnergy Pennsylvania Electric Co.
4.00%, 04/15/2025 (a)		5,173,000		5,136,331
5.15%, 03/30/2026 (a)		7,000,000		7,061,229
KeySpan Gas East Corp., 2.74%, 08/15/2026 (Callable 05/15/2026) (a)		21,525,000		20,787,789
Pennsylvania-American Water Co., 7.80%, 09/01/2026 (a)		8,000,000		8,339,278
Puget Energy, Inc., 3.65%, 05/15/2025 (Callable 02/15/2025)		16,855,000		16,674,871
Spire, Inc., 5.30%, 03/01/2026		20,000,000		20,221,347
Transelec SA, 4.25%, 01/14/2025 (Callable 11/04/2024) (a)		5,000,000		4,982,973
				273,652,107
TOTAL CORPORATE BONDS (Cost $5,680,168,844)				5,773,051,062
U.S. TREASURY SECURITIES - 29.1%	Par		Value
United States Treasury Note/Bond
4.63%, 03/15/2026		257,100,000		260,193,234
4.50%, 07/15/2026		940,225,000		953,226,544
4.38%, 08/15/2026		982,825,000		995,110,313
4.63%, 11/15/2026		251,475,000		256,494,677
4.13%, 02/15/2027		201,550,000		203,880,422
3.13%, 08/31/2027		457,475,000		451,810,174
3.88%, 11/30/2027		50,000,000		50,428,711
TOTAL U.S. TREASURY SECURITIES (Cost $3,134,643,475)				3,171,144,075
ASSET BACKED SECURITIES - 7.2%	Par		Value
Ally Auto Receivables Trust, Series 2024-2, Class A3, 4.14%, 07/16/2029 (Callable 04/15/2028)		11,000,000		10,975,421
BA Credit Card Trust, Series 2022-A2, Class A2, 5.00%, 04/15/2028		41,449,000		41,764,493
Bank of America Auto Trust
Series 2023-1A, Class A3, 5.53%, 02/15/2028 (Callable 10/15/2026) (a)		47,800,000		48,459,162
Series 2024-1A, Class A3, 5.35%, 11/15/2028 (Callable 05/15/2027) (a)		18,725,000		19,110,729
Chase Auto Owner Trust
Series 2023-AA, Class A3, 5.68%, 01/25/2029 (Callable 11/25/2027) (a)		24,285,000		24,880,968
Series 2024-2A, Class A3, 5.52%, 06/25/2029 (Callable 10/25/2027) (a)		30,965,000		31,781,851
Citizens Auto Receivables Trust, Series 2023-2, Class A3, 5.83%, 02/15/2028 (Callable 04/15/2027) (a)		27,275,000		27,747,523
DLLAD LLC, Series 2024-1A, Class A3, 5.30%, 07/20/2029 (Callable 02/20/2029) (a)		26,925,000		27,655,193
First National Master Note Trust, Series 2023-2, Class A, 5.77%, 09/15/2029		28,000,000		28,760,620
Ford Credit Floorplan LLC, Series 2023-1, Class A1, 4.92%, 05/15/2028 (a)		85,463,000		86,314,810
General Motors Co.
Series 2023-1, Class A1, 5.34%, 06/15/2028 (a)		45,897,000		46,691,289
Series 2024-1A, Class A1, 5.13%, 03/15/2029 (a)		750,000		767,723
Genesis Sales Finance Master Trust, Series 2021-AA, Class A, 1.20%, 12/21/2026 (Callable 10/20/2024) (a)		817,581		809,428
GM Financial Leasing Trust, Series 2024-3, Class A3, 4.21%, 10/20/2027 (Callable 01/20/2027)		10,150,000		10,132,276
GreatAmerica Leasing Receivables, Series 2024-2, Class A3, 5.00%, 09/15/2028 (Callable 10/15/2028) (a)		10,375,000		10,565,392
Harley-Davidson Customer Funding Corp., Series 2024-B, Class A3, 4.31%, 07/16/2029 (Callable 05/15/2028)		10,900,000		10,890,760
IPFS Corp.
Series 2023-A, Class A, 5.80%, 03/15/2028 (a)		21,000,000		21,409,823
Series 2023-C, Class A, 5.52%, 10/15/2028 (a)		23,410,000		23,997,959
Series 2024-B, Class A, 4.95%, 02/15/2029 (a)		29,416,000		29,894,613
Series 2024-D, Class A, 5.34%, 04/15/2029 (a)		10,000,000		10,262,319
JPMorgan Chase Bank NA
Series 2021-2, Class B, 0.89%, 12/26/2028 (Callable 09/25/2025) (a)		674,807		671,819
Series 2021-3, Class B, 0.76%, 02/26/2029 (Callable 04/25/2025) (a)		4,283,374		4,224,102
MMAF Equipment Finance LLC, Series 2023-A, Class A3, 5.54%, 12/13/2029 (a)		6,575,000		6,732,565
Navient Student Loan Trust
Series 2019-BA, Class A2A, 3.39%, 12/15/2059 (Callable 12/15/2029) (a)		2,962,636		2,895,325
Series 2019-EA, Class A2A, 2.64%, 05/15/2068 (Callable 12/15/2026) (a)		1,521,938		1,472,939
Series 2019-FA, Class A2, 2.60%, 08/15/2068 (Callable 04/15/2027) (a)		6,836,831		6,552,123
Series 2021-A, Class A, 0.84%, 05/15/2069 (Callable 08/15/2028) (a)		7,470,023		6,787,532
Series 2021-GA, Class A, 1.58%, 04/15/2070 (Callable 12/15/2029) (a)		20,452,385		18,312,370
Nelnet Student Loan Trust
Series 2021-A, Class APT1, 1.36%, 04/20/2062 (Callable 09/20/2029) (a)		5,922,232		5,487,404
Series 2021-BA, Class AFX, 1.42%, 04/20/2062 (Callable 07/20/2029) (a)		8,161,494		7,618,870
Series 2021-DA, Class AFX, 1.63%, 04/20/2062 (Callable 02/20/2032) (a)		8,235,317		7,701,910
Santander Holdings USA, Inc.
Series 2022-A, Class B, 5.28%, 05/15/2032 (Callable 01/15/2026) (a)		1,761,911		1,760,849
Series 2023-B, Class B, 5.64%, 12/15/2033 (Callable 07/15/2027) (a)		3,126,822		3,167,170
SBNA Auto Lease Trust, Series 2024-B, Class A3, 5.56%, 11/22/2027 (Callable 04/20/2027) (a)		29,175,000		29,686,438
SFS Auto Receivables Securitization Trust, Series 2023-1A, Class A3, 5.47%, 10/20/2028 (Callable 10/20/2027) (a)		27,100,000		27,473,389
Synchrony Bank, Series 2023-A1, Class A, 5.54%, 07/15/2029		52,124,000		53,224,468
Towd Point Mortgage Trust
Series 2020-MH1, Class A1, 2.25%, 02/25/2060 (Callable 10/25/2024) (a)(d)		8,481,607		8,210,437
Series 2020-MH1, Class A1A, 2.18%, 02/25/2060 (Callable 10/25/2024) (a)(d)		5,454,089		5,276,431
WF Card Issuance Trust, Series 2024-A1, Class A, 4.94%, 02/15/2029		43,500,000		44,413,195
Wheels Fleet Lease Funding 1 LLC, Series 2024-2A, Class A1, 4.87%, 06/21/2039 (a)		27,975,000		28,226,311
TOTAL ASSET BACKED SECURITIES (Cost $776,216,652)				782,767,999
NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES - 4.3%	Par		Value
BBCMS Trust, Series 2021-C9, Class ASB, 1.96%, 02/15/2054 (Callable 02/15/2031)		13,500,000		12,502,338
CFCRE Commercial Mortgage Trust
Series 2016-C7, Class A3, 3.84%, 12/10/2054 (Callable 12/10/2026)		2,750,000		2,689,146
Series 2017-C8, Class A4, 3.57%, 06/15/2050 (Callable 05/15/2027)		27,927,000		27,034,604
Citigroup Commercial Mortgage Trust
Series 2015-GC31, Class A4, 3.76%, 06/10/2048 (Callable 06/10/2025)		41,915,000		41,343,300
Series 2016-C3, Class A4, 3.15%, 11/15/2049 (Callable 11/15/2026)		16,564,000		16,022,712
Series 2016-C3, Class AAB, 2.98%, 11/15/2049 (Callable 11/15/2026)		594,648		586,975
Series 2016-P6, Class A5, 3.72%, 12/10/2049 (Callable 01/10/2027) (e)		1,017,000		982,535
Commercial Mortgage Pass Through Certificates
Series 2015-CR23, Class A4, 3.50%, 05/10/2048 (Callable 05/10/2025)		12,400,000		12,281,825
Series 2015-CR24, Class A5, 3.70%, 08/10/2048 (Callable 06/10/2026)		5,170,000		5,115,182
Series 2015-LC21, Class A4, 3.71%, 07/10/2048 (Callable 01/10/2026)		30,235,955		29,979,052
Computershare Corporate Trust
Series 2015-C31, Class A4, 3.70%, 11/15/2048 (Callable 11/15/2025)		24,395,000		24,084,478
Series 2015-C31, Class ASB, 3.49%, 11/15/2048 (Callable 11/15/2025)		500,730		496,888
Series 2016-BNK1, Class A3, 2.65%, 08/15/2049 (Callable 08/15/2026)		7,500,000		7,178,762
Series 2016-C34, Class A4, 3.10%, 06/15/2049 (Callable 05/15/2026)		5,260,000		5,088,942
Series 2017-C38, Class A5, 3.45%, 07/15/2050 (Callable 06/15/2027)		38,228,000		37,141,178
CSAIL Commercial Mortgage Trust
Series 2015-C2, Class A4, 3.50%, 06/15/2057 (Callable 05/15/2025)		16,723,632		16,569,248
Series 2015-C3, Class A4, 3.72%, 08/15/2048 (Callable 08/15/2025)		37,619,067		37,165,385
Series 2016-C5, Class A5, 3.76%, 11/15/2048 (Callable 11/15/2025)		4,253,000		4,195,535
GS Mortgage Securities Corp. II
Series 2014-GC22, Class A5, 3.86%, 06/10/2047 (Callable 10/10/2024)		4,048,934		3,881,877
Series 2015-GS1, Class A2, 3.47%, 11/10/2048 (Callable 11/10/2025)		2,049,833		2,018,390
Series 2016-GS2, Class A4, 3.05%, 05/10/2049 (Callable 05/10/2026)		5,008,000		4,880,395
Series 2016-GS3, Class A4, 2.85%, 10/10/2049 (Callable 10/10/2026)		3,309,000		3,190,533
JP Morgan Chase Commercial Mortgage Securities, Series 2016-JP2, Class A4, 2.82%, 08/15/2049 (Callable 07/15/2026)		2,065,000		1,995,802
JPMBB Commercial Mortgage Securities Trust
Series 2014-C24, Class A5, 3.64%, 11/15/2047 (Callable 08/15/2027)		6,176,835		6,133,606
Series 2014-C25, Class A5, 3.67%, 11/15/2047 (Callable 11/15/2024)		7,790,004		7,768,513
Series 2015-C27, Class A4, 3.18%, 02/15/2048 (Callable 09/15/2026)		28,374,055		27,803,070
Series 2015-C28, Class A4, 3.23%, 10/15/2048 (Callable 04/15/2025)		15,000,000		14,875,353
Series 2015-C31, Class A3, 3.80%, 08/15/2048 (Callable 08/15/2025)		17,494,940		17,255,753
Series 2015-C31, Class ASB, 3.54%, 08/15/2048 (Callable 08/15/2025)		1,749,039		1,733,910
Series 2015-C33, Class ASB, 3.56%, 12/15/2048 (Callable 11/15/2025)		890,884		882,579
Series 2016-C1, Class A5, 3.58%, 03/17/2049 (Callable 02/15/2026)		23,313,790		22,927,485
JPMDB Commercial Mortgage Securities Trust
Series 2016-C2, Class A4, 3.14%, 06/15/2049 (Callable 05/15/2026)		9,010,000		8,710,023
Series 2016-C4, Class A3, 3.14%, 12/15/2049 (Callable 04/15/2027)		3,000,000		2,861,814
Morgan Stanley Bank of America Merrill Lynch Trust
Series 2015-C21, Class A4, 3.34%, 03/15/2048 (Callable 03/15/2031)		10,702,782		10,603,292
Series 2015-C27, Class ASB, 3.56%, 12/15/2047 (Callable 11/15/2025)		674,007		670,317
Series 2016-C28, Class A4, 3.54%, 01/15/2049 (Callable 02/15/2028)		28,125,000		27,597,178
Series 2016-C30, Class ASB, 2.73%, 09/15/2049 (Callable 10/15/2026)		1,008,782		994,014
Series 2016-C31, Class A5, 3.10%, 11/15/2049 (Callable 11/15/2026)		2,800,000		2,682,304
Morgan Stanley Capital I, Inc., Series 2016-UBS9, Class A4, 3.59%, 03/15/2049 (Callable 02/15/2031)		10,284,000		10,056,911
WF-RBS Commercial Mortgage Trust, Series 2014-C23, Class A5, 3.92%, 10/15/2057 (Callable 08/15/2027)		8,727,513		8,696,635
TOTAL NON-AGENCY COMMERCIAL MORTGAGE-BACKED SECURITIES (Cost $457,874,953)				468,677,839
NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES - 3.9%	Par		Value
Arroyo Mortgage Trust
Series 2019-2, Class A1, 3.35%, 04/25/2049 (Callable 10/25/2024) (a)(e)		3,528,875		3,432,504
Series 2019-3, Class A1, 2.96%, 10/25/2048 (Callable 10/25/2024) (a)(e)		4,668,939		4,430,059
Series 2020-1, Class A1A, 1.66%, 03/25/2055 (Callable 10/25/2024) (a)		2,785,046		2,642,704
Series 2022-1, Class A1A, 2.50%, 12/25/2056 (Callable 01/25/2025) (a)(c)		9,743,992		9,290,922
CIM Trust, Series 2023-R4, Class A1, 5.00%, 05/25/2062 (Callable 04/25/2028) (a)(e)		26,300,197		26,301,375
Citigroup Mortgage Loan Trust, Inc., Series 2018-RP2, Class A1, 2.77%, 02/25/2058 (Callable 08/25/2046) (a)(e)		3,451,202		3,382,628
COLT Funding LLC, Series 2020-RPL1, Class A1, 1.39%, 01/25/2065 (Callable 10/25/2024) (a)(e)		15,727,576		13,581,421
Countrywide Alternative Loan Trust
Series 2004-J2, Class 3A3, 5.50%, 04/25/2034 (Callable 10/25/2024)		21,922		22,103
Series 2006-28CB, Class A17, 6.00%, 10/25/2036 (Callable 10/25/2024)		390,502		194,699
Credit Suisse Mortgage Capital Certificates, Series 2019-RPL1, Class A1A, 3.65%, 07/25/2058 (Callable 04/25/2044) (a)(e)		14,960,747		14,658,652
FirstKey Homes 2020-SFR1 Trust, Series 2020-SFR1, Class A, 1.34%, 08/17/2037 (a)		28,097,937		27,316,090
FirstKey Homes 2020-SFR2 Trust, Series 2020-SFR2, Class A, 1.27%, 10/19/2037 (a)		69,176,007		66,963,558
FirstKey Homes Trust, Series 2022-SFR3, Class A, 4.25%, 07/17/2038 (a)		6,518,660		6,466,278
GCAT, Series 2022-HX1, Class A1, 2.89%, 12/27/2066 (Callable 11/25/2033) (a)(e)		24,551,138		22,843,791
Home Partners of America Trust, Series 2019-2, Class A, 2.70%, 10/19/2039 (Callable 10/17/2024) (a)		21,840,470		20,961,268
MASTR Alternative Loans Trust
Series 2003-5, Class 4A1, 5.50%, 07/25/2033 (Callable 10/25/2024)		990,783		1,013,732
Series 2003-5, Class 7A1, 5.00%, 10/25/2024 (Callable 10/25/2024)		2,026		139
MFRA Trust, Series 2022-NQM1, Class A1, 4.11%, 12/25/2066 (Callable 03/25/2025) (a)(e)		19,190,018		18,838,077
Mill City Mortgage Trust, Series 2018-2, Class A1, 3.50%, 05/25/2058 (Callable 08/25/2036) (a)(e)		122,802		121,783
New Residential Mortgage Loan Trust, Series 2019-RPL3, Class A1, 2.75%, 07/25/2059 (Callable 10/25/2042) (a)(e)		27,420,797		26,366,796
Onslow Bay Mortgage Loan Trust, Series 2023-NQM9, Class A1, 7.16%, 10/25/2063 (Callable 10/25/2026) (a)(c)		8,380,158		8,596,136
Renaissance NIM Trust, Series 2007-2, Class AF2, Pool 2007-2, 5.68%, 06/25/2037 (Callable 04/25/2032) (c)		1,914,212		475,957
Rithm Capital Corp.
Series 2020-RPL1, Class A1, 2.75%, 11/25/2059 (Callable 02/25/2043) (a)(e)		46,148,378		44,149,734
Series 2024-NQM2, Class A1, 5.12%, 09/25/2064 (Callable 01/25/2030) (a)(e)		32,500,000		32,554,129
Structured Asset Securities Corp., Series 2004-4XS, Class 1A6, 4.83%, 02/25/2034 (Callable 10/25/2024) (c)		4,661		4,622
Thornburg Mortgage Securities Trust, Series 2003-5, Class 3A, 5.70%, 10/25/2043 (Callable 10/25/2024) (e)		1,221,883		1,187,119
Towd Point Mortgage Trust
Series 2017-3, Class A1, 2.75%, 07/25/2057 (Callable 12/25/2026) (a)(e)		1,956,138		1,937,585
Series 2017-4, Class A1, 2.75%, 06/25/2057 (Callable 11/25/2028) (a)(e)		8,067,235		7,821,738
Series 2017-6, Class A1, 2.75%, 10/25/2057 (Callable 07/25/2028) (a)(e)		18,205,880		17,717,900
Series 2018-3, Class A1, 3.75%, 05/25/2058 (Callable 12/25/2030) (a)(e)		2,667,852		2,615,610
Series 2018-6, Class A1A, 3.75%, 03/25/2058 (Callable 09/25/2031) (a)(e)		1,563,430		1,543,850
Series 2019-4, Class A1, 2.90%, 10/25/2059 (Callable 04/25/2033) (a)(e)		5,411,712		5,195,868
Series 2020-1, Class A1, 2.71%, 01/25/2060 (Callable 10/25/2029) (a)(e)		3,040,969		2,906,571
Series 2020-4, Class A1, 1.75%, 10/25/2060 (Callable 02/25/2031) (a)		26,418,474		24,014,240
WaMu Mortgage Pass Through Certificates, Series 2004-AR3, Class A1, 5.71%, 06/25/2034 (Callable 10/25/2024) (e)		1,095,318		1,013,337
TOTAL NON-AGENCY RESIDENTIAL MORTGAGE-BACKED SECURITIES (Cost $427,352,240)				420,562,975
MUNICIPAL BONDS - 1.2%	Par		Value
Alaska Industrial Development & Export Authority, 0.00%, 03/01/2025 (f)		1,555,000		1,523,483
Arlington Higher Education Finance Corp., 3.00%, 08/15/2044 (Callable 11/01/2024) (d)		32,010,000		31,148,243
City of Brockton MA, 5.41%, 08/01/2027		27,725,000		28,386,216
County of Broward FL Professional Sports Facilities Tax Revenue, 6.00%, 09/01/2028		14,175,000		14,809,652
Illinois Housing Development Authority, 4.00%, 02/01/2034 (Callable 08/01/2025)		445,000		442,155
Massachusetts Educational Financing Authority, 2.00%, 07/01/2037 (Callable 07/01/2031) (g)		755,000		659,473
Minnesota Housing Finance Agency, 4.34%, 01/01/2047 (Callable 01/01/2032)		1,765,000		1,741,904
Mississippi Hospital Equipment & Facilities Authority, 3.72%, 09/01/2026		7,500,000		7,377,730
New Hampshire Housing Finance Authority, 4.00%, 07/01/2036 (Callable 11/01/2024)		170,000		169,264
New Jersey Economic Development Authority, 6.31%, 07/01/2026		2,730,000		2,761,940
Peralta Community College District, 0.00%, 08/05/2031 (Callable 08/05/2025)		24,275,000		23,324,255
Tennergy Corp./TN
5.97%, 06/01/2026		1,150,000		1,168,852
5.95%, 06/01/2027		800,000		819,739
Utah Housing Corp., 3.88%, 01/01/2050 (Callable 07/01/2029)		3,300,000		3,229,797
Virginia Small Business Financing Authority, 6.50%, 07/01/2050 (Callable 11/01/2024) (a)(d)		10,000,000		10,000,086
Westvaco Corp., 7.67%, 01/15/2027 (a)		3,900,000		4,075,798
TOTAL MUNICIPAL BONDS (Cost $134,580,405)				131,638,587
OTHER GOVERNMENT RELATED SECURITIES - 0.3%	Par		Value
Korea Electric Power Corp., 5.38%, 04/06/2026 (a)		15,000,000		15,223,866
Korea National Oil Corp., 4.13%, 09/30/2027 (a)		20,000,000		19,926,677
TOTAL OTHER GOVERNMENT RELATED SECURITIES (Cost $34,944,650)				35,150,543
SHORT-TERM INVESTMENTS - 2.7%
Money Market Funds - 2.7%	Shares
First American Government Obligations Fund - Class U, 4.84% (h)		289,651,902		289,651,902
TOTAL SHORT-TERM INVESTMENTS (Cost $289,651,902)				289,651,902
TOTAL INVESTMENTS - 101.6% (Cost $10,935,433,121)				11,072,644,982
Liabilities in Excess of Other Assets - (1.6)%				(169,405,933	)
TOTAL NET ASSETS - 100.0%			$	10,903,239,049
Percentages are stated as a percent of net assets.

AG - Aktiengesellschaft

AB - Aktiebolag

ASA - Advanced Subscription Agreement

CMT - Constant Maturity Treasury Rate

NV - Naamloze Vennootschap

PLC - Public Limited Company

SA - Sociedad Anónima

SAB de CV - Sociedad Anónima Bursátil de Capital Variable

SOFR - Secured Overnight Financing Rate

(a)	Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of September 30, 2024, the value of these securities total $3,794,772,563 or 34.8% of the Fund’s net assets.
(b)	To the extent that the Fund invests more heavily in a particular industry or sector of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.
(c)	Step coupon bond. The rate disclosed is as of September 30, 2024.
(d)	Coupon rate is variable or floats based on components including but not limited to reference rate and spread. These securities may not indicate a reference rate and/or spread in their description. The rate disclosed is as of September 30, 2024.
(e)	Coupon rate is variable based on the weighted average coupon of the underlying collateral. To the extent the weighted average coupon of the underlying assets which comprise the collateral increases or decreases, the coupon rate of this security will increase or decrease correspondingly. The rate disclosed is as of September 30, 2024.
(f)	Zero coupon bonds make no periodic interest payments.
(g)	Security subject to the Alternative Minimum Tax ("AMT"). As of September 30, 2024, the total value of securities subject to the AMT was $659,473 or 0.0% of net assets.
(h)	The rate shown represents the 7-day annualized effective yield as of September 30, 2024.

Baird Short-Term Bond Fund

Summary of Fair Value Disclosure as of September 30, 2024 (Unaudited)

Baird Short-Term Bond Fund has adopted authoritative fair value accounting standards which establish an authoritative definition of fair value and set out a hierarchy for measuring fair value. These standards require additional disclosures about the various inputs and valuation techniques used to develop the measurements of fair value, a discussion of changes in valuation techniques and related inputs during the period, and expanded disclosure of valuation levels for major security types. These inputs are summarized in the three broad levels listed below. The inputs or methodology used for valuing securities are not an indication of the risk associated with investing in those securities.

Level 1 - Unadjusted quoted prices in active markets for identical assets or liabilities that the Fund has the ability to access.

Level 2 - Observable inputs other than quoted prices included in Level 1 that are observable for the asset or liability, either directly or indirectly. These inputs may include quoted prices for the identical instrument on an inactive market, prices for similar instruments, interest rates, prepayment speeds, credit risk, yield curves, default rates and similar data.

Level 3 - Unobservable inputs for the asset or liability, to the extent relevant observable inputs are not available, representing the Fund’s own assumptions about the assumptions a market participant would use in valuing the asset or liability, and would be based on the best information available.

The following is a summary of the fair valuation hierarchy of the Fund’s securities as of September 30, 2024:

	Level 1		Level 2		Level 3		Total
Investments:
Corporate Bonds	$	–	$	5,773,051,062	$	–	$	5,773,051,062
U.S. Treasury Securities		–		3,171,144,075		–		3,171,144,075
Asset Backed Securities		–		782,767,999		–		782,767,999
Non-Agency Commercial Mortgage-Backed Securities		–		468,677,839		–		468,677,839
Non-Agency Residential Mortgage-Backed Securities		–		420,562,975		–		420,562,975
Municipal Bonds		–		131,638,587		–		131,638,587
Other Government Related Securities		–		35,150,543		–		35,150,543
Money Market Funds		289,651,902		–		–		289,651,902
Total Investments	$	289,651,902	$	10,782,993,080	$	–	$	11,072,644,982
Refer to the Schedule of Investments for further disaggregation of investment categories.

Changes in valuation techniques may result in transfers into or out of assigned levels within the fair value hierarchy. There were no transfers into or out of Level 3 during the reporting period, as compared to the security classifications from the prior year’s annual report. See the Fund’s Valuation Policy in Note 2a to the financial statements.